Binance’s estimate of a $6.3 billion loss from unauthorized wallet withdrawals has renewed concerns about exchange security and the power stablecoin issuers hold to freeze assets.
The exchange said it would cover the estimated loss, with about $3 billion in affected assets frozen. Binance said its investigation was continuing and that it had found no evidence that wallet security keys were stolen. EconoTimes previously covered Binance’s pledge to cover the estimated loss.
Finnomena Funds co-founder and chief executive Chayanon Rakkanjanan told the Bangkok Post that stablecoin issuers Tether and Circle suspended transactions and froze some assets after the incident. He said those steps could help contain stolen funds, while also showing that issuers can block access to customer holdings.
Chayanon said early fears that the breach could spread to the wider financial system led some investors to shift from riskier assets into cash. Those concerns included the possibility of attacks on major financial operators such as the New York Stock Exchange. He said the breach did not trigger broader disruption or widespread forced selling. He linked later global equity declines mainly to investor doubts about the earnings and cash flow of large technology companies spending heavily on artificial intelligence (AI) infrastructure.
The Thai Digital Asset Association’s president, Nares Laopannarai, estimated that nearly half of global crypto traders use Binance. He told the Bangkok Post the breach could deepen existing doubts about digital assets, including concerns raised earlier about hardware wallets, and weigh on trading.
The Bangkok Post included an unverified account that attackers used artificial intelligence while searching for flaws in Binance’s online-wallet system. The newspaper projected that the incident could lift demand for cybersecurity services, including AI-based products that scan networks and flag vulnerabilities or threats. Chayanon said AI-driven attack methods were advancing faster than security rules, complicating the work of businesses and regulators.
